VMN Services
ActiveSummary
The computed 12-month bankruptcy probability of VMN Services is 1.6% (moderate). The annual accounts of VMN Services for fiscal year 2025 show a net loss of 100% of the equity at the start of that year. The 2025 annual accounts show equity of €146 and a net result of €-90k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 7838 sector peers (fiscal year 2025). The company has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-74
Solvency25▼-19
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.65 against 0.98 in 2024; short-term debt: 99.9% and cash: 21.1% of total assets), and 99.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
0.1%
Return on assets
-47.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 7838 sector peers (2025).
NBB · sector comparisonPosition among 7838 sector peers
Solvency
better than 8%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
20 d early
2023
133 d early
2022
36 d late
2021
130 d early
2020
17 d late
2019
31 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-90k
2024 · €22k
2018: €11k
2019: €-6k▼ -149% vs 2018
2020: €-28k▼ -397% vs 2019
2021: €16k▲ +156% vs 2020
2022: €-131k▼ -939% vs 2021lowest in 8 years
2023: €1k▲ +101% vs 2022
2024: €22k▲ +1695% vs 2023highest in 8 years
2025: €-90k▼ -516% vs 2024
2018 → 2025
Working capital
€-66k▼ 623%
2024 · €-9k
2018: €13khighest in 8 years
2019: €-41k▼ -418% vs 2018
2020: €-56k▼ -36.8% vs 2019
2021: €-118k▼ -111% vs 2020
2022: €-266k▼ -125% vs 2021lowest in 8 years
2023: €-10k▲ +96.3% vs 2022
2024: €-9k▲ +6.6% vs 2023
2025: €-66k▼ -623% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-2k-€-133k▼ 7,030%€68k€90k▲ 31.6%€146▼ 99.8%
2021: €-2k
2022: €-133k▼ -7030% vs 2021lowest in 5 years
2023: €68k▲ +151% vs 2022
2024: €90k▲ +31.6% vs 2023highest in 5 years
2025: €146▼ -99.8% vs 2024
Operating result€25k-€-125k€8k€33k▲ 295%€-85k
2021: €25k
2022: €-125k▼ -605% vs 2021lowest in 5 years
2023: €8k▲ +107% vs 2022
2024: €33k▲ +295% vs 2023highest in 5 years
2025: €-85k▼ -361% vs 2024
Net result€16k-€-131k€1k€22k▲ 1,695%€-90k
2021: €16k
2022: €-131k▼ -939% vs 2021lowest in 5 years
2023: €1k▲ +101% vs 2022
2024: €22k▲ +1695% vs 2023highest in 5 years
2025: €-90k▼ -516% vs 2024
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €85k after €33k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €180k
Fixed assets
€57k ▼ 35.1%
Current assets
€123k ▼ 67.2%
Equity and liabilities €189k
Equity
€146 ▼ 99.8%
Debt
€189k ▼ 51.1%
Debt's share of the balance-sheet total rises from 81.2% to 99.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-54k▼
2024 · €75k
Cash flow
€-59k▼
2024 · €64k
Current ratio
0.65▼
2024 · 0.98
ROA
-47.3%▼
2024 · 4.5%
Interest coverage
-9.26▼
2024 · 6.28
Debt ≤ 1 year
€189k▼
2024 · €384k
Income taxes
€372▲
2024 · €305
Staff costs
€283k▼
2024 · €501k
Equity ratios withheld: equity of €146 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€477k€189k▼
Formation expenses20€14k€9k▼
Fixed assets21/28€88k€57k▼
Intangible fixed assets21€666€0▼
Tangible fixed assets22/27€81k€50k▼
Land and buildings22€2k€2k▼
Plant, machinery and equipment23€18k€95▼
Furniture and vehicles24€59k€48k▼
Other tangible fixed assets26€1k€581▼
Financial fixed assets28€7k€7k=
Current assets29/58€375k€123k▼
Stocks and contracts in progress3€8k€0▼
Stocks30/36€8k€0▼
Amounts receivable within one year40/41€264k€77k▼
Trade receivables40€263k€76k▼
Other amounts receivable41€2k€905▼
Cash at bank and in hand54/58€92k€40k▼
Deferred charges and accrued income490/1€11k€6k▼
Equity and liabilities
Total equity and liabilities10/49€477k€189k▼
Equity10/15€90k€146▼
Contributions10/11€219k€219k=
Profit (loss) carried forward14€-129k€-218k▼
Amounts payable17/49€387k€189k▼
Amounts payable within one year42/48€384k€189k▼
Current portion of amounts payable after more than one year42€296k€97k▼
Trade debts44€26k€51k▲
Suppliers440/4€26k€51k▲
Taxes, remuneration and social security45€12k€7k▼
Taxes450/3€287€944▲
Remuneration and social security454/9€11k€6k▼
Other amounts payable47/48€51k€34k▼
Accrued charges and deferred income492/3€3k€0▼
Income statement
Code20242025
Remuneration, social security and pensions62€501k€283k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€42k€31k▼
Other operating charges640/8€4k€21k▲
Gross operating margin9900€580k€251k▼
Operating profit (loss)9901€33k€-85k▼
Financial income75/76B€1k€2k▲
Recurring financial income75€1k€2k▲
Financial charges65/66B€12k€6k▼
Recurring financial charges65€12k€6k▼
Profit (loss) for the period before taxes9903€22k€-89k▼
Income taxes67/77€305€372▲
Profit (loss) for the period9904€22k€-90k▼
Profit (loss) for the period to be appropriated9905€22k€-90k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-129k€-218k▼
Profit (loss) brought forward from the previous period14P€-150k€-129k▲
Social balance
Average headcount (FTE)908710.95.2▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €545k | €423k | €501k | €283k | ▼ 43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30k | €80k | €60k | €42k | €31k | ▼ 27.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €13k | €-12k | - | - | - |
| Other operating charges640/8 | - | €6k | €3k | €4k | €21k | ▲ 442% |
| Non-recurring operating charges66A | - | €276 | - | - | - | - |
| Gross operating margin9900 | €445k | €520k | €483k | €580k | €251k | ▼ 56.8% |
| Operating profit (loss)9901 | €25k | €-125k | €8k | €33k | €-85k | ▼ 361% |
| Financial income75/76B | - | €2k | €2k | €1k | €2k | ▲ 25.1% |
| Recurring financial income75 | €31 | €2k | €2k | €1k | €2k | ▲ 25.1% |
| Financial charges65/66B | - | €9k | €9k | €12k | €6k | ▼ 51.1% |
| Recurring financial charges65 | €7k | €9k | €9k | €12k | €6k | ▼ 51.1% |
| Profit (loss) for the period before taxes9903 | €18k | €-131k | €1k | €22k | €-89k | ▼ 508% |
| Income taxes67/77 | €2k | €-32 | €289 | €305 | €372 | ▲ 21.9% |
| Profit (loss) for the period9904 | €16k | €-131k | €1k | €22k | €-90k | ▼ 516% |
| Profit (loss) for the period to be appropriated9905 | €16k | €-131k | €1k | €22k | €-90k | ▼ 516% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €389k | €477k | €308k | €477k | €189k | ▼ 60.3% |
| Formation expenses20 | - | €4k | €19k | €14k | €9k | ▼ 33.1% |
| Fixed assets21/28 | €116k | €159k | €65k | €88k | €57k | ▼ 35.1% |
| Intangible fixed assets21 | €5k | €3k | €2k | €666 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €104k | €149k | €57k | €81k | €50k | ▼ 37.5% |
| Land and buildings22 | - | €1k | €3k | €2k | €2k | ▼ 18.2% |
| Plant, machinery and equipment23 | - | €79k | €36k | €18k | €95 | ▼ 99.5% |
| Furniture and vehicles24 | - | €40k | €17k | €59k | €48k | ▼ 18.8% |
| Leasing and similar rights25 | - | €26k | - | - | - | - |
| Other tangible fixed assets26 | - | €2k | €2k | €1k | €581 | ▼ 46.1% |
| Financial fixed assets28 | €8k | €7k | €7k | €7k | €7k | = |
| Current assets29/58 | €273k | €314k | €223k | €375k | €123k | ▼ 67.2% |
| Stocks and contracts in progress3 | €18k | €10k | €14k | €8k | €0 | ▼ 100% |
| Stocks30/36 | - | €10k | €14k | €8k | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €169k | €235k | €168k | €264k | €77k | ▼ 70.8% |
| Trade receivables40 | - | €220k | €163k | €263k | €76k | ▼ 70.9% |
| Other amounts receivable41 | - | €15k | €5k | €2k | €905 | ▼ 49.2% |
| Cash at bank and in hand54/58 | €80k | €43k | €35k | €92k | €40k | ▼ 56.6% |
| Deferred charges and accrued income490/1 | - | €27k | €7k | €11k | €6k | ▼ 45.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €389k | €477k | €308k | €477k | €189k | ▼ 60.3% |
| Equity10/15 | €-2k | €-133k | €68k | €90k | €146 | ▼ 99.8% |
| Contributions10/11 | - | €19k | €219k | €219k | €219k | = |
| Profit (loss) carried forward14 | €-20k | €-152k | €-150k | €-129k | €-218k | ▼ 69.4% |
| Amounts payable17/49 | €391k | €610k | €240k | €387k | €189k | ▼ 51.1% |
| Amounts payable after more than one year17 | - | €21k | - | - | - | - |
| Financial debts170/4 | - | €21k | - | - | - | - |
| Amounts payable within one year42/48 | €391k | €580k | €233k | €384k | €189k | ▼ 50.7% |
| Current portion of amounts payable after more than one year42 | - | €269k | €164k | €296k | €97k | ▼ 67.2% |
| Trade debts44 | €32k | €62k | €18k | €26k | €51k | ▲ 97.1% |
| Suppliers440/4 | - | €51k | €17k | €26k | €51k | ▲ 97.1% |
| Bills of exchange payable441 | - | €12k | €1k | - | - | - |
| Taxes, remuneration and social security45 | - | €26k | €25k | €12k | €7k | ▼ 36.9% |
| Taxes450/3 | - | €9k | €1k | €287 | €944 | ▲ 229% |
| Remuneration and social security454/9 | - | €17k | €24k | €11k | €6k | ▼ 43.6% |
| Other amounts payable47/48 | - | €222k | €26k | €51k | €34k | ▼ 32.8% |
| Accrued charges and deferred income492/3 | - | €9k | €6k | €3k | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16k | €-131k | €1k | €22k | €-90k | ▼ 516% |
| + Depreciation and write-downs630 | €30k | €80k | €60k | €42k | €31k | ▼ 27.2% |
| Operating cash flow (approximation) | €46k | €-51k | €62k | €64k | €-59k | ▼ 192% |
| Investment in fixed assets (approximation) | - | €-123k | €33k | €-65k | €45 | ▲ 100% |
| Change in cash | - | €-37k | €-7k | €57k | €-52k | ▼ 192% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €22k ▲1,695%
Operating result €33k, net result €22k, both a record.
20-03
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €1k
Net result €1k after one loss-making year.
05-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 36 days late
2022
31-12
Financial
Weakest financial yearnet €-131k
Net result drops to €-131k, the lowest in the series; recovery starts the following year.
23-03
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €16k
Net result €16k after 2 loss-making years.
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 17 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Walhain · 2 establishment units since 2008
Ground area
1,800 m²
Building footprint
267 m²
Volume, LiDAR
2,531 m³
Parcel 25071D0004/00E000, Wallonia · tallest building 13.8 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
VMN Services
since 20082.171.639.859
VMN SERVICES
since 20212.313.546.406
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25071D0004/00E000 | Wallonia | 1,800 m² | 1 · 267 m² | 13.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 15,529 companies in sector 43990 we hold annual accounts for 7,420. 99 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-04-2008
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
43223Specialised construction activities
43910Bricklaying and masonry work
70200Business and other management consultancy
81220Other building cleaning and industrial cleaning
Contact
E-mail
patrick.vanmale@vmnservices.beWalhain
Phone
0473646865Walhain
Scores and ratios are computed by Checked and are not a credit decision.